Time to move on up.

[Creditaddict]

The final factor affecting your fico score is the type of credit used. While this isn’t critical, fico scoring does look at the mix of types of credit in use, and will score someone higher who has experience with different types of accounts such as mortgages, auto loans, credit cards, and more. If your credit profile is limited to just credit cards, your fico score may be lower than someone with a better mix. It also takes into account the total number of each type of credit account. So if you’ve got 10 credit cards, and no other types of accounts, your fico score could suffer, or be held back from A+ levels. But even if your credit mix doesn’t affect your fico score, most lenders want to finance people with experience with a certain type of loan, so if you already have an auto loan or a mortgage, you’ll probably have an easier time getting a second one.

[Anonymous]

Very nice chart.  Thanks Vicki

So mine probably suffers because I only show two cc's, BoA visa and 'Gold Masercard from Household ( Whats he Gold abt anyone know)? and some paid off bank notes 4 or 5 I think. Also Im Au on some cc's of my hubbys.   Thanks Vicki

Message Edited by greyhound2007 on 11-12-2007 02:32 PM

[illcrew3]

---

haulingthescoreup wrote:
illcrew3, what are your other two scores like? A lot of places seem to be pulling EX now, and TU a bit. I read elsewhere that Discover hard inq'd all 3!

And I wouldn't worry so much about the AmEx financial review. Most people who went through it admit they they triggered it by being a bit too bold with CLI requests, running up cards and not paying off reasonably quickly, and so forth. I think it sticks in people's minds because it's so dramatic when it does happen.

I happen to like the idea of a creditor/ bank who will give a good hard yank back on the reins if I'm running wild! Better that than having to start all over again in credit land.

Are you a rower, by the way? That just registered on me when I was typing out your screen name.

---

I only have my Eq score. I'm patiently waiting all my lenders to update before I pull all 3 again. I do row now however I didn't when I came up with that name. I was a sound tech for a band called illfaded and the two way radios they gave were labeled illcrew 1-10. Mine happened to be illcrew3 haha.

[Dawn]

---

TheCynicalOne wrote:

I'm curious, I think I stated this in a previous thread, but I really wanna know.

What's the difference between how the store cards and major bank cards are reported?

They're all revolving lines of credit, does fico really care?

---

I know that we all keep going back to this issue and I have tried repeatedly to find a current reference to this theory.  I can't find one!!!  Doesn't mean it isn't there ... but ... this is why *I* thought it was important:

Quoted from a 2003 MyFico "Beacon" Scorepower report related to "positive" factors on the report:

"You have established bank/national revolving credit obligations being reported ...

This factor can arise if you have no open bank/national revolving accounts, or if there is important information (such as the balance or credit limit) not being reported for your bank/national revolving accounts.  The presence of bank/national revolving credit accounts (Visa, MasterCard, Discover, American Express, Diners Club, etc.) on your credit report illustrates that you can obtain credit, such as a bankcard, from a lender.  Your ability to obtain credit (and use it responsibly) is evaluated by the score.  The score evaluates the types of credit in your credit history and will consider your mix of credit cards, retail accounts, installment loans, finance company accounts and mortgage loans.  It is not necessary to have one of each, and it is not a good idea to open credit accounts you have no need for, or don't intend to use."

Remember ... this is from 2003.   

What IS "national" revolving vs "bank" revolving?  Does it refer to stores that have a "national" presence?

[haulingthescoreup]

Thank you, that's something, anyway! But you're right, some definitions sure would come in handy.

[Dawn]

---

haulingthescoreup wrote:
Thank you, that's something, anyway! But you're right, some definitions sure would come in handy.

---

I think Barry needs to step in here

[haulingthescoreup]

---

@denbar2003 wrote:

---

@haulingthescoreup wrote:
Thank you, that's something, anyway! But you're right, some definitions sure would come in handy.

---

I think Barry needs to step in here

---

Or Nurse Ratched!

[Anonymous]

"I still wish I could remember where I saw that store cards don't carry as much weight as majors/ bank cards. Other than us all repeating it to one another, lol. "

hauling, I'm going to be up all night looking for that!!  

[Dawn]

---

Sylviatob wrote:

"I still wish I could remember where I saw that store cards don't carry as much weight as majors/ bank cards. Other than us all repeating it to one another, lol. "

hauling, I'm going to be up all night looking for that!!  

---

OK ... we're looking for a current "official" list of FICO Risk Score (or Risk Factor) Reason Codes.  I have found some lists on the internet, but I have no idea if they are "current."  One does specifically list some  reason codes as  "no recent bankcard balances" and "no recent revolving balances" implying that they do (or did) differentiate between bankcards and other sources of revolving credit.  Who knows what is valid today. 

Edit:  Not having much luck for detail on reason codes specifically related to FICO scoring ... but this is an interesting read for ChoiceTrust (related to the insurance industry.)  It does differentiate between bank vs department store revolving and addresses the pitfalls of high interest consumer finance. 

http://www.choicetrust.com/servlet/com.kx.cs.servlets.CsServlet?channel=affected&subchannel=creditre...

Message Edited by denbar2003 on 11-12-2007 05:44 PM

[Anonymous]

Well, I found this from back in August, which references this topic, but does not define things:

http://ficoforums.myfico.com/fico/board/message?board.id=ficoscoring&message.id=8923&query.id=6497#M...